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大行評級|瑞銀:大舉上調裕元目標價至19港元 評級上調至“買入”
格隆匯 05-21 15:22

瑞銀髮表研究報吿指,裕元去年第四季及今年首季盈利均超出預期,OEM利潤率升至多年高位,基於看好OEM業務前景及訂單情況,相應將其投資評級從“中性”上調至“買入”,預測在近月有效的成本管控下,今年全年OEM業務經營利潤率將恢復至2016至2017年時、即面對效率和供應鏈問題之前的水平。

該行預期,雖然公司收入可能仍然受壓,但嚴格控制折扣及成本,將使零售業務經營利潤率保持韌性。考慮到效率提升及訂單恢復,瑞銀將裕元2024至2026年每股盈利預測上調13%至22%,目標價由9.3港元大舉上調至19港元,對應2024年預測市盈率約11倍,預期2023至2025年間每股盈利年均複合增長率將達到16%,對比2017至2023年間為下跌10%。

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